No Irish Bailout Deal Reached, Crisis Continues

The crisis looks likely to continue, as the pressure on Ireland
continues to expand. The process is now moving to Dublin, and it
looks like the chatter about Ireland trying to make this a
banking sector only bailout has some truth, from the rhetoric we
heard out of the committee.

Conclusion:

Ireland is exploring, with the EU and IMF, how
it might restructure its banking sector.

It has not asked for a bailout...yet.

The process is now being moved to Dublin,
where exploration of the issue will continue.

It will take 8 days for the bailout to go from
request, to action.

No size or time scale yet known for the
bailout.

No answer on how big or when this bailout, if it does
occur, will take place.

"The talks are being move to Dublin," in terms
of a financial bailout. Rehn clarifies that the trip to Ireland
is about looking into the country's banking sector, on how to
restructure it, if Ireland requests and the eurozone members
agree. It would take 8 days for the fund to be activated
(per LorcanRK).

Question Time!

On Ireland, Rehn says he expects the four year
fiscal plan to be presented soon and to be "convincing." Rehn
says it is essential Ireland completes its "financial repair" in
terms of its banking sector.

Olli Rehn is now speaking...he is calling for
collective unity in defending the financial stability of the
European Union. He is saying there will be a time for cool heads
to take the necessary steps to that effect.

There has still been no request for aid from Ireland or Portugal.
If there has been, it is still a very behind-closed door affair.
With Ireland not asking for help, it is likely pressure will
continue to remain high on Ireland and its potential for spread
to other sovereigns remains.

Onto Greece, Juncker recognizes that
Greece is, generally, on the right path in terms
of its adjustments.

Juncker follows by praising
Portugal for its reforms, but suggests it needs
to be more specific on how it plans to carry out these reforms.
He says members have faith in Portugal's ability to pass their
budget.

President of the euro group Jean-Claude Juncker
is saying he has full confidence in Ireland's
budgetary plan. He is saying that he is pleased Ireland is
consulting with the ECB and the European Commission in dealing
with the its problems. Juncker says that the decision made over
Ireland will be unanimous amongst the 17 members.

And we've waited for U.S. markets to close, now speakers are
sitting down.

Here are the latest rumors and tidbits ahead of the comment:

From the BBC's
Paul Mason: This deal is about more than just Ireland,
includes Portugal, and is about building a firewall (stopping the
damage from hitting Spain). He also suggests the UK may be
involved in a bi-lateral bailout deal with Ireland, per the WSJ
(think he's referring to the UK pitching into the European
EFSF).